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New Zealand Gazette – 2006 – No. 149

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✨ Financial Statements Notes

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NEW ZEALAND GAZETTE, No. 149

24 NOVEMBER 2006

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2006

SUBSIDIARIES OF TRANSPOWER GROUP

The subsidiaries that make up the lines business of the Transpower Group are as follows:

Subsidiaries	2006 Holding	2005 Holding
Fighting Bay Finance Limited	100%	100%
Haywards Limited	100%	100%
Otaranga Bay Limited	100%	100%
Transpower Finance Limited	100%	100%
TB and T Limited	100%	100%
Arataki Holdings Limited	100%	100%
Benmore Finance	100%	100%
Bunnythorpe Holdings	100%	100%
Benmore Trust	100%	100%
Halfway Bush Finance Limited	100%	100%

The subsidiaries that make up the "Other Transpower Businesses" are as follows:

Subsidiaries	2006 Holding	2005 Holding
Energy Market Services Limited	100%	100%
Risk Reinsurance Limited	100%	100%
Omaka Training Limited (non-trading)	100%	100%

All subsidiary entities have a balance date of 30 June.

Risk Reinsurance Limited is incorporated in the Cayman Islands. All other subsidiary entities are incorporated in New Zealand.

All subsidiaries are direct subsidiaries of Transpower except for:

Otaranga Bay Limited and Haywards Limited which are wholly owned by Fighting Bay Finance Limited.
Benmore Finance in which Bunnythorpe Holdings has a 4% share.
Benmore Trust which is wholly owned by Arataki Holdings Limited and Benmore Finance.

The principal activity of the trading subsidiaries (excluding Energy Market Services Limited ("EMS") and Risk Reinsurance) is financing.

EMS was established in 1998 as a separate legal entity to provide reconciliation and metering services for both MARIA and NZEM parties.

Risk Reinsurance was established in 2001 to provide insurance services to the Transpower Group.

RELATED PARTY TRANSACTIONS

Transpower conducts transactions with other State-Owned Enterprises and Government Departments. These transactions are undertaken on a commercial and arm's length basis and it is considered that these do not fall within the intended scope of related party disclosure.

The subsidiaries identified in Note 21 are related parties of Transpower. Transactions with these parties are disclosed as "Other Business" transactions in Note 2 and 3.

All of these transactions are conducted on a commercial basis. No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2006, No 149

Gazette.govt.nz — NZ Gazette 2006, No 149

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Transpower New Zealand Limited Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated24 November 2006
KeywordsFinancial Instruments, Credit Risk, Carrying Value, Fair Value, Interest Rate Swaps, Cross Currency Swaps, Foreign Exchange Contracts, Transpower, Lines Business, 2006

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